You can use the nominee procedures which will allow you to report only your portion of the income on Form 1099-MISC.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
You may be able to use TurboTax Quick Employer Forms (QEF), a service we offer to customers who use the TurboTax Business, TurboTax Premium Online, and TurboTax Home & Business Download/CD.
On Form 1099, list yourself as the payer and the other owner, as the recipient. On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms. (Quick Employer Forms does this for you.)
This procedure will allow you to enter only half of the gross proceeds on your return.
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